I am 70 years old, soon to be 71, and married with no dependents. I live in Eastern Tennessee and have a $1M traditional IRA. My income sources include $30k from Social Security, $15k from my spouse's Social Security, and $10k from taxable interest. I am interested in making charitable donations from my IRA to minimize the size of Required Minimum Distributions (RMDs) when I turn 73. Specifically, I want to know the general rules regarding charitable distributions from Traditional IRAs, including how to handle a $200,000 distribution for qualified charitable contributions and the necessary documentation and IRS forms involved.

January 15th, 2023

My brother, sister-in-law, wife, and I started an LLC together to operate two mobile home parks we are in the middle of purchasing. Both families will be putting down a down payment of $52,000 each totaling $104,000 out of our personal accounts. Will the down payments from our personal accounts be personal tax write-offs at the end of the year?

April 16th, 2023

I live in the United States and sell physical products to the UK and EU, with a supplier based in China. My products are under 40 British pounds and euros, and I have applied for a VAT number but am not registered yet. Who pays the VAT if I am not registered, and what about customs and import duty fees? I read that customs and import fees are waived if the goods are under 135 pounds and 150 euros, but what about VAT?

January 25th, 2023

What are the tax implications and potential risks of adding my name to a business where the owner retains all IRS tax responsibilities, and how does this affect my liability for the business's existing debts, especially if the owner is financially unstable?

June 15th, 2023

How should I report the Cost of Goods Sold (COGS) for my Texas LLC, which files a Form 1120S and includes COGS for labor, supplies, and equipment leasing, for Texas Franchise Tax Reporting, considering Texas Codes, Rules, Laws, Cases, and all other supporting evidence?

August 14th, 2024